Florence, KY – February 23, 2015. The Northern Kentucky Association of REALTORS® and its Multiple Listing Service have announced that average sold prices for NKY homes were up by 7.66% in January 2015 over the same period in 2014. Of the 290 homes sold in January, the average price was $144,445, up by more than $10,000 over $134,164 from January 2014. In addition, the median price improved at a greater rate of 11.73% in the months of January 2014 over 2013 ($126,250/113,000).

For Sellers, this couldn’t be better news. The MLS reports that average and median home sale prices have stabilized to 2009 levels. This is certainly encouraging news for those who are thinking about listing their home for sale this spring. In January there were (2,310) homes for sale (single family and condo), the lowest residential inventory we have seen in over 5 years. As new listings enter the market, there is a good chance that buyers will be eager to view your home with their agent.

Now more than ever before, REALTORS® are essential to helping buyers realize their real estate dreams. As most people begin their home search online, serious buyers want access to the most accurate, up-to-date information. This is something your REALTOR® can easily provide. Searching various internet portals can be frustrating. With the MLS Client Portal, you will receive emails automatically when a new or priced reduced listing that meets your criteria hits the market. The MLS is the most accurate and up to date information and your REALTOR® gets it first. Looking forward into 2015, we expect lending standards will be loosened. In December 2014, Fannie Mae and Freddie Mac announced they will be offering 3 percent down payment mortgages, rather than 5 percent. Many potential buyers simply do not have the resources to save for a substantial down payment. This new program will allow first-time, creditworthy buyers, who would otherwise be kept out of the market, to purchase a home.

Recent news that the Federal Housing Authority (FHA) has reduced its mortgage insurance premium policy for FHA mortgages is a step forward for many homebuyers. FHA accepts a 3% down payment which is aimed at helping more first-time borrowers achieve homeownership without increasing the risk of mortgage defaults or of another taxpayer bailout.Why pay rent when you can experience the great satisfaction of owning your own home. Home is where we put down roots and become part of something meaningful. This is where we make memories to last a lifetime. What are you waiting for? Call a REALTOR® today.